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How to choose the right tax form

Erin Guy reports on the types of tax forms consumers should use based on their financial situation.

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Updated: 8:30 PM EDT Apr 15, 2016

How to choose the right tax form

Erin Guy reports on the types of tax forms consumers should use based on their financial situation.

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Updated: 8:30 PM EDT Apr 15, 2016

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WEBVTT REPORTER: CHOOSING THE RIGHT TAXFORM CAN RANGE FROM EASY TOCOMPLEX.HERE IS HOW YOU CAN FIND OUTWHICH ONE WILL BE RIGHT FOR YOU.>> THERE ARE BASICALLY THREE.THE SIMPLEST IS THE 1040 EZ.IT DOES NOT ALLOW FOR ANYDEDUCTIONS AND WORKS ESPECIALLYWELL FOR FILERS WHO ARE NEW TOTHE TAXING -- PROFESSIONAL LIFE.FOR MANY OF US AS WE GROW OLDER,ATTEND COLLEGE, BUY HOME ANDHAVE A CHILD, IT MAKES SENSE TOMOVE TO A 10 FOURNIER PORT 1040FORM.>> IF YOU GET A DEDUCTION, YOUHAVE TO ITEMIZE IT.FOR THAT ITEMIZATION, IT CAN ADDUP.THAT IS SOME OF YOUR DMV FEES.THEN THERE ARE CREDITS.CREDIT IS A DOLLAR FOR DOLLARREDUCTION OFF YOUR TAXLIABILITY.BEAR IN MIND THAT ANY DEDUCTIONOR ANY CREDIT NO MATTER HOW BIGOR SMALL IS A SMART ONE.THERE IS TIME TO MAKE THAT LEAP.GO AHEAD AND USE OF PROFESSIONALHAIR.

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How to choose the right tax form

Erin Guy reports on the types of tax forms consumers should use based on their financial situation.